Topic: How do I become a bitcoin miner? (Read 355 times)

I don't think mining bitcoins with gpu's is an option
Most miners use Asics. If you have a lot of cash nod cheap electricity
You should get a high spec. ASIC from bitmain.

Buy high-capacity computing equipment

Agree I see that mining really cost so much to invest maybe will try other option.

Generally speaking, I would advise against doing this unless you have a lot of money to invest. Economies of scale apply to mining.

Yea thought so I need to set up it, got my wallet now and did a small dig to secure my wallet.
 Collecting some info whats the best  hardware to use and free software , thanks for the info by the way sir really help.

1. You don't need to setup bitcoin. All you need to do is download a wallet that works best for your needs and be sure to encrypt it so as not to be prone to any hacks whatsoever.
2. A bitcoin miner works like a problem solver (lol); 1 puzzle is created every 10 minutes, and for miner to correctly solve this puzzle correctly, it needs to be fast and able to do lots of predictions in a short span of time in order to get the answer on the puzzle. Once the puzzle is solved by this miner, the puzzle piece would then be connected into a chain of puzzle pieces (blockchain) and this recently solved puzzle would be the basis to the next puzzle being generated.
3. You need an ASIC miner in order to mine for bitcoins. Computer processors and GPUs won't take the cut as a huge amount of power is necessary to be able to get something out of your mining endeavors, and ASICs are programmed and designed by just mining bitcoins and nothing else.
4. A bitcoin miner basically process transactions in the whole network and that is their main work in the bitcoin ecosystem.

Thanks for the heads up will dig more info so I can get the good timing to mine.

thanks bro really help currently reading it now and understanding it .

Where did you get these numbers? I am not saying you are incorrect, but when I did estimations for the 1080TI it said the earnings would be far lower than that for Bitcoin mining. It is always tough to give estimates, because there are a lot of variables; some people run their cards more conservatively, some people overclock, it all depends on too many things to give straight estimates like this in my opinion.

My 1080TI earns about $5 a day mining alt-coins, and I know you were asking about bitcoin mining, but I just figured I would put it out there that there are other options. You can make a lot more with the same equipment if you use it more optimally. I have found it near impossible to get involved in actual Bitcoin mining for years, because it always seems not worth it unless a big price  spike happens; then a big price spike happens and I wish I had just invested. These days, I mine alts and instantly exchange them for BTC, which effectively lets me feel like I'm mining Bitcoin and I make more coin this way.


I disagree with all of that. I do not recommend cloud mining, because it always seems to end poorly. You never seem to earn ROI. It took me about a day to learn everything I needed to know to get a miner purchased, set-up and profiting. Takes much longer to learn how to trade.

Information is great. But if there are good financial conditions, it is possible to choose cloud mining services, but still have time to invest or trade. Time to learn mining techniques is very long and requires a lot of hard work.

Mining bitcoin is most profitable with ASIC it is working on algorythm SHA-256, and you're getting paid for operations which your miners are doing.

Where did you get these numbers?  Your last figure requires about 22.5 TH/s and free electricity.  What ASIC hardware can do that? 

It is very competitive field to mine BTC, look for images of a chinese btc mining farm and you will see the competition. I am not swaying you away from starting, but you should know that there is huge mining farms that costs 100's of thousands of dollars to setup.

Some people join mining pools where there is a combined effort and split the profit. There is also cloud mining where you let others do the mining and you receive the payout. There is also hardware specifically to mine BTC, like an antminer that you can buy.

Another way to earn crypto dividends is with owning proof of stake or delegated proof of stack coins. You keep them in a wallet online and you'll receive crypto dividends, some more than others. Some payout daily, some every month. I'm staking a few coins on a small scale current to test out the 'waters'.  It's working quite well so far.

If you want to mine Bitcoin you need gadget with a high spec, and you need some proper equipment, because you can't just mine with a single phone, you can see a lot of miner with their equipment posted on facebook.

I have recently begun mining myself so hopefully I can give you some insight to what the process is like from a fresh perspective. Setting up Bitcoin is a strange way to word a question, and it leads me to believe that you do not fully understand Bitcoin; I would suggest you read the Bitcoin Whitepaper, Satoshi's original E-mails and whatever you can about the technical aspects of Bitcoin. If you mean how can you send and receive Bitcoin, then you need a wallet of some kind (Hardware, software, paper) or you can put your trust exclusively into an exchange (not recommended).

I'm not going into a large explanation about Bitcoin mining, you can read more about that on wikipedia or something like that; I will say that it uses the computational power of your GPU, CPU or ASIC technology. Meaning, you would need a CPU, GPU or ASIC hardware (like a desktop computer) and download mining software. Once the mining software is installed, it's mostly just keeping the hardware cool.

I bought a 1080TI GPU, put it in my desktop, then downloaded NiceHash software and made an account on NiceHash. Now I just leave my computer running, it mines alternate coins and converts them into BTC automatically. It is profitable if you buy the right equipment and run the right algorithm.

You need a wallet so that you can send or receive bitcoin.
A bitcoin miner if just an algorithm that a component on you computer runs to guess the lucky number. If you correctly guess the number you earn the block.
You can mine with your cpu but you wont have a high enough probability to mine anything because there are large mineing databases that compute many more hashes than your cpu can. You can by a bitcoin miner to use instead of your cpu.
Tries to guess the next 'number' that bitcoin has generated.

This is not a good time to start bitcoin mining, IMO, unless you can get an S9 for free, because the mining difficulty is climbing about 10% every two weeks.  You have some serious homework to do.  Start here:  https://steemit.com/cryptocurrency/@mountainherb/bitcoin-mining-profitability-perspective 
Good luck!

So you've heard of Bitcoin, and you're ready to get your hands on some digital wealth. You can buy and trade for bitcoins, or you can "mine" for them. Mining for bitcoins is actually the process of verifying other bitcoin transactions, which users are rewarded for. This is the central mechanic behind the bitcoin economy, and mining is used to keep transactions secure and reliable. This guide will explain how to mine bitcoins and potentially earn a fair amount of money..


Steps
Purchase custom mining hardware. When Bitcoin first started, it was possible to mine using only your desktop's CPU and GPU. ...
Obtain a bitcoin wallet. ...
Secure your wallet. ...
Decide between joining a pool or going alone. ...
Download a mining program. ...
Run your miner. ...
Keep an eye on temperatures. ...
Check your profitability.

Read about bitcoin mining here: https://en.bitcoin.it/wiki/Mining

How do I set up Bitcoin?
- you cannot set up Bitcoin.
How does a Bitcoin miner work?
- A Bitcoin miner just need some machines to work for them.
How do you mine for Bitcoins?
- Using ASIC miner with SHA256 algo (Antminer S9, Avalon Miner, Ebang Ebit E10, etc )
What does a Bitcoin miner actually do?
- calculating for next block (general ledger)